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Wall Street Next Week: Financial astrology for the successful investor & trade
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Chinese education tycoon loses $15 billion as company shares plunge 98%
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Chinese Education Tycoon Loses $15 Billion as Shares Plunge 98%
Venus Feng, Bloomberg News BC-Chinese-Education-Tycoon-Loses-$15-Billion-as-Shares-Plunge-98% , Venus Feng
(Bloomberg) Larry Chen, the former school teacher who became one of the worldâs richest people, has lost his billionaire status as China cracks down on its private education sector.
Chen, the founder, chairman and chief executive officer of Gaotu Techedu Inc., is now worth $336 million, according to the Bloomberg Billionaires Index, after shares in his online-tutoring firm plunged by almost two-thirds in New York trading on Friday on reports of the regulatory overhaul.
On Saturday, China released new regulations that ban companies that teach school curriculums from making profits, raising capital or going public. Itâs the latest blow for Chen, who has shed more than $15 billion in wealth since late January as Gaotuâs stock tumbled.
Evan Spiegel
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After years of squabbling over everything from soybeans and viruses to technology and Taiwan, it now looks like Beijing and Washington may be on the same page about one thing: US-listed Chinese companies.
America’s most hawkish China watchers have been banging on about variable-interest entities for years. This mutant corporate structure evolved from a decades-old rule that prevents foreigners from owning various types of mainland businesses, notably in the internet sector. Foreign investors end up holding bits of what amount to shell companies.
Critics, from noted short seller Carson Block to Florida Senator Marco Rubio, have been looking for ways to limit or reform US-listed Chinese companies, most of which use the VIE structure. They often highlight the sketchy relationship between shareholders and the entities they supposedly own.